|UK Banks Crumble into Scandals|
|by Tom McGregor||Fri, Jun 29, 2012, 12:33 AM|
Barclay’s Bank has been found guilty of relentlessly falsifying the interbank rate, just for the personal gain of traders so the bank would appear more creditworthy than it actually was.
According to the Daily Telegraph of London, “coming hard on the heels of the chaos surrounding an IT breakdown at Royal Bank of Scotland, it is as if bankers are actively out to confirm their reputation for recklessness, incompetence and self-enriching disregard for the interests of customers and the wider economy.”
Political and regulatory backlash against finance is growing at fever pitch. Accordingly, UK banks will soon face a whole new raft of separate regulatory strictures over the miss-selling of interest rate swaps to its business customers.
As reported by the Telegraph, “a year ago, Bob Diamond, chief executive of Barclays, told a committee of MPs that it was time to put the crisis behind us, move on and stop apologizing for the failings of the past. He should be so lucky. Not since the Thirties has finance been so much in the dock. On and on the combination of retribution and regulatory crackdown will on until banking is once again through sufficiently imprisoned to be safe. European policymakers will delight in the ammunition they have been given to rein in the Anglo-Saxon bankers and make them subject to the rule of Brussels and Frankfurt.”
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